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a blame game from the very, very beginning and dana, we saw today president obama take to the sunday shows and spend the whole time blaming republicans. if we go off the cliff, who do you think is going to take the fall for this? i say republicans are just, they're going to go down because it's just tough to run against the white house with a bully pulpit. >> and i just believe that you can't worry about the short-term pr effects of something, that you have to do what's right based on principle and be able to get up in the morning and look in the mirror and say i stood on principle and i did what was right. when mitch mcconnell is speaking if you strip out the fact that there's all the other noise, what he's saying is actually true. i think that policy based on fact is better policy based on revenge. one comment on the interview president obama did with david gregory he taped it yesterday afternoon at the very same honor that mcconnell was actually trying to get a deal done. so to me, the president actually wants an argument more than a deal. he could have been helpful and instrumental in
on engaging iron and supporting defense spending cuts. on "meet the press" in morning president obama apparently while he didn't say he would name him said he saw nothing in the criticism to block him. senator graham, are republicans going to block chuck hagel if he is the nominee? >> i think a lot of republicans and democrats are concerned about his views on iran sanctions and hamas and hezbollah and that there is wide and deep concern about his policies. all of us like him as a person. it will be up to the president to make the selection. the hearings will matter. they will matter a lot to me and if he sends chuck hagel up there will be a confirmation hearing of consequence. >> chris: you are not prepared to say the republicans would put a hold on his nomination or philly bust. >>> i can tell you there would be very little republican support for his nomination. at the end of the day, very few votes. >> chris: senator feinstein you are going to introduce legislation this week on the first day of the new congress on thursday to ban assault weapons and magazines that hold more than ten
steps away from the fiscal cliff. the automatic tax increases and spending cuts kick in january 1 unless lawmakers find some common ground. cbs reporter danielle nottingham on what both sides are saying about the looming deadline. >> reporter: congressional leaders met with president obama at the white house, trying to avoid the automatic tax hikes and spending cuts set to kick in january 1. the president reminded lawmakers there's not much time left. >> we're now at the point where, in just four days, every american's tax rates are scheduled to go up by law. >> reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in hopes that we can come forward as early as sunday and have a recommendation. >> we're gonna do the best we can for the caucuses we have and the country that's waiting for us to make a decision. >> reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases. but the income threshol
in annual spending cuts were agreed to under president obama as part of the debt ceiling negotiation. those begin on tuesday. we have the payroll tax cut in place for two years, takes about two percentage points off people's taxes, bill will end on monday. business tax breaks, bill will end on monday. the alternative minimum tax, which is confusing, but it would be a disaster if that was not taken care of, because it would raise the taxes of about 30 million americans for their 2012 income and 2013. and all the confusion could screw up the whole tax filing season. who knows when you will be filing your taxes, because the irs does not know which tax rates will be applied and who will be responsible for paying what. so it's going to be a mess if this is not handled quickly. host: if we are sitting here a month from now after the inauguration and there's still no final agreement on taxes, could that the label 15 -- guest: no doubt about it. secretary dieter even said that a few days ago. --secretary tim geithner. it could delay the tax filings. the government relies on august revenue to come i
into default unless there are serious and main spending cuts. at that point does this obama victory perhaps look a little different? >> well, i mean, i think the question is, are they really going to want to do what they did last time with the debt ceiling, which ultimately caused us to have a downgrade of our economy. do they want to do that again? i think it is a bit of bluffing. i don't think they really want to do that. in terms of the president winning, he has won, though he will catch a lot of grief as byron alluded to from the left for, if he goes up to 400,000, for example, they think he should stick at 250 and don't want any kind of social security cuts and that is on the table apparently in the the new deal, so in that sense he'll catch flak. but, overall, yes, he'll get what he wanted in terms of taxes, and has given up very little in terms of cuts and, look he didn't run on cutting the government, really. he ran on raising taxes, and, so republicans keep saying, well, there is no cuts, no cuts and the president never really said that much about cuts -- >> you do understand it is
and i will not. >> chris: and, senator feinstein, you heard president obama say we have to t out of the habit and will not start trading debt ceiling increases for spending cuts. >> i think the key to what he is saying is that you don't affect people at this time. who are on these programs. that you do it in a way that it is way in the future. so, that long term, the programs are essentially changed and more constricted. now that is not entirely popular on my side. but, it is realistic, i think. i think, you know, this is a very hard time for people. and, we need to get by this and have a robust economy, and, and cap happen, i'm convinced, if we solve this and move down you can do those things that enable the programs to be solvent on an extended basis, without impacting people directly now. >> chris: senators, we need to take a quick break, when we come back we'll discuss where the investigation of the benghazi terror attack stands now, and, whether congress will act in the new year to try to prevent more mass murders. ♪ to the best vacation spot on earth. (all) the gulf! it d
the absence of spending cuts on president obama and they know the taxes will go up anyway regardless of what they do if they don't pass anything and they would make the argument they would limit the tax cut and speaker boehner has made the same argument. >> thank you so much. we want to show people what is going on with the after markets because even though john says people are optimistic the markets are not optimistic. right now if the dow jones industrial average were to open at this moment it would be down 315 points. that's a reflection of the futures trading that happens in the after-hours. we'll see how asia opens on monday and right now the markets do not like what they see. they are not optimistic at this point and maybe if a mini deal gets done, a mini deal is not enough to deal with what the country faces. after all of this time the president still wants congress to come up with a plan instead of assuming the leadership mantle himself. let's talk to a member of congress about that. james langford serves in the house budget committee and he joins me now. sir, have you conceded you'r
. >> number number 2. >> project that obama will be re-elected. >> the election was about social. >> spending cutting, about what kind role government should have in your life. >> number 1. the fiscal cliff. lawmakers saw it coming but didn't bother to pay attention until after the election. had they put politics aside and dealt with it earlier who knows how strong the economy would be right now. >> coming up, a five-days for a woman. she gets the news she has been waiting to hear on her missing teen daughter. >>> and we are taking a look back at the year. the most outstanding student athletes of the year. >>> those and more coming up at six. now a preview of world news at 6:30. >> coming up, american companies saying thank you. thank you america for make this a great made in america christmas. . >>> you have heard of downward facing dog? even if you haven't chances are your children have. we have more on the latest craze for children. yoga. >> reporter: some say yoga is the fattest growing sport in the nation with 20 million practicing regularly. the latest trend is an ever
eye on the looming fiscal cliff. the deadline for across the board tax increases and deep spending cuts is just four days away. president obama is scheduled to meet with congressional leaders at the white house this afternoon. senate majority leader harry reid says the likelihood of reaching a deal is a long shot. but senator charles schumer told the "today" show that the odds are better than people think. if a deal were to pass, senate house speaker john boehner would have to agree to take it to the floor of the republican controlled house. danielle nottingham has more. >> reporter: president obama is meeting today at the white house with top congressional democrats harry reid and nancy pelosi and leading republicans mitch mcconnell and john boehner. it's the president's first meeting with congressional leaders since november 16th. the closed door discussions are an attempt to reach a last- minute agreement to avoid automatic spending cuts and tax increases due to kick in on january 1st. >> probably the worst case scenario will come out of this maybe today and -- meeting today and
in spending cuts. president obama's last offer the one that the republicans rejected was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all of the spending over the next decade? >> you know, this conversation to me is exactly what is wrong in washington. i mean just listen to the conversation you have is just had. it is he said, she said, blame the other guy. look, i tried to be constructive here and lay out an actual plan to get us nearly $4 trillion by taking the offers that are on the table. speaker boehner and the president were so close and then speaker boehner went off on plan b. i never understood why. had no prospect of succeeding. it did not succeed even in his own caucus. now, the question. >> chris: but you are not answering my question. >> because i tell you something because we only have nine days left here. when are we going to get serious about actual solutions? i would lineback joh welcome jl me. he wants a solution. give us one, jo
on the table is he close to a trillion dollars he is simply saying i want a trillion dollars in spending as well. president obama is he close to the same number they are about $300 billion apart. they are 1 hers apart from this whole deal. the problem is they are not putting spending cuts on the table. what they're doing is putting proposed possible cuts but the stimulus spending they are putting on the table also offsets that tax increase that he wants. still looking at trillion-dollar deficit. that just goes to show spending cuts. right now we don't have them. talks about them and there is accounting fuzzy math going on but there is not any serious entitlement reform. we can't just wait and talk about that in january. needs to be included in any package before we go forward. >> you know, juan, the point she is making when we talk about spending cuts. basically a guy pulling the olives off a meat lover's pizza and saying he is on a diet. something so incidental and ignoring this huge huge problem this black hole that is spending. it's true. we are going nowhere. >> no, i disagree. you k
lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace: traders on wall street are watching the president's comments. the chance of going over the cliff may not look great but the dow is up for the time being. we have fox coverage with wendell at the white house. but, first, mike is live on capitol hill. the senate leader is the -- actually, the minority leader, what is he telling colleagues? >>reporter: he said they are very, very close. he would like to take action to avoid having americans suffer a huge tax increase in a matter of ten hours. there are a lot of anxious senators walking around wondering if or when they will get a chance to vote on something. at 1:19 senator mcconnell sent this e-mail to the colleagues and i quote, "the tax piece is complete and d
, children's health care, medicaid, and obama said, no, if we're going to cut spending, we're going to protect the most vul nebl. protecting the most vulnerable takes it away and all that's left is cutting taxes. if the goal is to reduce the deficit, their goal of cutting taxes is not relevant to that goal so there's no overlap of potential agreement here. that's why there's no deal. >> let's take a listen to a very conservative retiring senator said, soon to be former senator joe lieberman, who is respected and seen as a deal maker. what we need right now is a deal. let's take a listen to something he just said. >> if we allow that to happen, it will be the most colossal, consequential act of congressional irresponsibility in a long time, maybe ever in american history. >> joy, i think what he's saying there and going over the cliff is not that this would be the worst thing congress has done on an objective scale, but the notion of doing something so bad for no reason is pretty frustrating, isn't it? >> i disagree with his characterization it would be the most irresponsible thing.
obama says that congress must act now to avoid economic disaster. he has been meeting with republican and democratic leaders to reach a deal to avoid tax hikes and spending cuts that take effect january 1. >> the hour-long meeting with president barack obama was the first face-to-face session together with both republican leaders of the latest fiscal crisis. obama said he was modestly optimistic about the agreement by senate leaders on a compromise bill that could be voted on by monday. that is just two days before 6 under billion dollars of automatic tax hikes and spending cuts begin to take effect -- $600 billion of automatic tax hikes and spending cuts take effect. >> we want to make sure that unemployment insurance is still available for 2 million people and lay the groundwork for additional deficit reduction and economic growth steps to take in the new year. but let's not miss this deadline. >> we are working hard to get there in the next 24 hours. i'm hopeful and optimistic. >> whenever we come up with will be imperfect. some people will not like it, some people will like it les
they have with the sequester. these are automatic spending cuts. the obama doesn't want them. this is leverage point for republicans. adam: you're an economist. we're journalists and we're only good for free drinks. are we going over the cliff? >> i think it is undeniable the economy falls into recession if we do go over the fiscal cliff. even chairman bernanke was very clear on this point telling everyone if the economy goes over the fiscal cliff even the fed itself does not have you have enough tools to go over against the impact. in terms of lack of investment and in terms of businesses closing their doors and remaining sidelined still for quarters going into 2013. adam: well, lindsey, you again are an economist. which is worse, the spending cut from the sequestration or the tax increase? which hits us, 310 million of us are american citizens. which hits us worse? >> well generally when we talk about the difference between spending cuts or tax increases you have to think of taxes as having 1 1/2 times the impact because what that does, there is a trickle down, in fact. we
, response to the part about spending cuts, and what is spending cuts is the obama administration talking about, guaranteed spending cuts? >> they already accepted a trillion dollars in domestic spending cuts in next 10 years. they put on the table additional cuts in medicare and social security not as much as republicans want but clearly they have moved on that. and i also think there will be substantial defense cuts, if we want to make a dent in the deficit. i mean this is the choice that is going to be in front of us. if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine months we could see substantial progress towards smart fiscal policy in the country
with spending restraints. that's why obama does what he does. >> the reason i doubt that, grover, is because we've all done the math and we all absolutely agree on the math that you can't get out of the deficit hole we're in by taxing rich people even if you tax them at 100%. everybody know knows that. so when republicans say we don't have a tax problem, we have a spending problem, the fact is we've got both and we can deal with that. you gave your blessing to the proposal that john boehner put together and so many congressional republicans are scared for voting for something that feels like looks like, a tax increase because they're worried that your organization will come back to haunt them. they signed a pledge, you gave your blessing and they still couldn't get the votes on the floor. what's up with that? why did that not happen? a week ago i was hopeful we might have a deal. >> because the pledge is not to me, it's the american people. it's the people of the state that any congressman or senator is from. they have to feel that they can go to their constituents and say -- i voted against al
're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says, no, let's raise taxes instead, now we're dealing with tens of trillions of dollars of unfunded liabilities that were not -- for four years obama's done nothing on entitlement reform. nothing, nothing, nothing, for four years. a lot of golf. nothing on entitlement reform. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his job. so it's -- there are two costs to this. one, if you take money out of savings and investment, which is what you're doing with this, it doesn't help, it reduces the incentives to save, invest, and work. and the other thing you do is you never get to reform government entitlements. >> that's not causal, though. >> it is, it is, absolutely. >> it's not. >> you live in new york. i live in d.c. >> yeah. >> washington. this is all causal. the reason he's talking about tax increases is to avoid the
forward a little bit more, president obama more on spending reductions including entitlement reform, he did do some and mr. boehner, speaker boehner coming forward not just $1 million having a tax raise, those earning $400,000 to $500,000, you can get the grand bargain. it's not what we are talking today. get the fiscal cliff to where you change the scale to a bunny slope, where the skier can pick up speed, accelerate the economy up to 3%, only reducing the debt reduction down 200 billion. then with the surging economy, you get $3 trillion in february before the debt limit is broken, then the economy is so strong it can take the grand compromise and roar into the next nine years. that's the grand compromise. >> i heard you use that reference of the bunny slope. we are about to hit the bunny slope as opposed to the fiscal cliff. this is from an article in the washington post. if an agreement is reached, taxes would go up a bit for the wealthy. there would be no changes to entitlement programs, medicare, social security, no grand strategy to race cash through a tax code. a fresh start for
by the new year, tax increases and spending cuts will take deep effect. >> president obama's re-election was one of the biggest political stories of the year. >> with the first of our year enders, here's abc's karen travers. >> reporter: president obama had to overcome a well funded opponent, struggling economy and voter doubts that he had the right agenda to turn the nation around. and after a roller coaster season, he got them. mitt romney may have started off at the front runner, but to win the republican nomination, he had to fend off some feisty challengers. >> he's the worst republican in the country to put up against president obama. >> reporter: and overcome some self-inflicted wounds. after 50 primary contests, romney clenched the nomination and it was on to the general election. >> it will be a choice between -- >> two very different paths. >> reporter: their battle focused on the economy. >> we can't afford another four years like the last four years. >> we need more tax cuts for working americans. >> reporter: early on, two key moments changed the subject that helped
three days to go before the fiscal cliff when tax heights and spending cuts kick in. president obama and congressional leaders are meeting at the white house right now trying to figure out a way to avoid it. negotiation have been under way for about an hour. steve handelsman joins us. so far no deal? >> i'm checking. so far the meeting continues, which could be a bad sign, can it? sources here on the hill say in today's meeting president obama planned to be kind of tough, figuring that he has gotten the advantage back to the extent anybody has the advantage this close to the cliff and that he'll push hi original demand, the tack rates rise on income over a quarter million dollars. it's a positive sign, the first meeting since mid-november of the four congressional leaders, democrats and republicans at the white house. called by president obama, house speaker jane boehner, the key figure. >> the fact that he's come back and the four of them are at the table means to me we could come up with some kind of agreement. >> reporter: both sides want a deal to avoid tax hikes that could cost
it the obama cliff and said we should swan dive over the cliff because it would be one thing democrats could get through their head when they cut spending. >> i agree completely. this is crazy that we're even having that discussion, eric. august spending 256-171 the ryan budget was passed extending tax relief for all americans. 19 democrats voted for that. it was handed to mr. reid, mr. obama starting the warfare about taxing the rich. reid sat on the bill. why didn't he bring it up for a vote? why didn't it get fair debate? mr. reid hasn't passed a budget and we going to believe they're serious about the fiscal problems? let's go offense the cliff. >> we have two cameras outside the white house right now. that one i believe is perched on pennsylvania avenue and we have another camera which is perched facing the side entrance. those are the suvs that likely boehner, mcconnell, pelosi and reid will come out of. let's talk about the deal. what if there's a deal, craig, for, i don't know, say 4 hr $500,000 the threshold of who gets taxes and who keeps -- everybody under that number keeps their
. after it was all over, a lot of the things we didn't believe during the campaign, the obama people said oh, we figured this out. we know who our voters are. we know where to spend the money. we thought they were boasting. and it turns out they were right. >> the one thing, really, i think defied everybody's expectations is what the obama campaign said they were going to do, was that they were going to turn out an electorate in 2012 that looked very much like the electorate in 2008, that they were going to get huge numbers of african americans and young people. that they were going to mobilize the hispanic vote. a lot of republicans couldn't believe these polling numbers. there were so much talk of skewed polls. after the election the romney campaign said they just couldn't believe that the obama operation was capable of doing this. >> karen, to what extent do we think that the electorate that they produced in 2008 and 2012 is a function of obama himself as opposed to the changing face of the country? >> it's both of those things. i mean, it is -- it is unclear whether the kind of appeal
that obama will discuss measures for avoiding the rest of the automatic spending cuts and tax hikes that will bite if lawmakers fail to come up with a plan. >> pessimism remains the prevailing mood in washington as the january deadline rapidly approaches. neither democrats nor republicans have any new proposals for a workable compromise. >> the starbucks coffee chain has urged its workers in washington, d.c., area to write "come together" on the cups, a plea for party leaders to work out a compromise, but some customers say that is not enough. >> i mean, i like with starbucks is riding on the cups. i wish they would write, like, something else, like "republicans, stop being stupid." >> i think the solution will probably be neutered and not very effective, but ultimately, i think they will avoid the fiscal cliff. >> but neither side appears willing to give in. democrats, for example, are frustrated that republicans will not agree to raise taxes on the wealthy. >> the majority of rich people in our great country are willing to pay more. the only people who disagree with that are repub
. the crash involved real for cars and were reported just after midnight. >> president obama in congress are looking to keep automatic spending freezes from kicking in a pain has the stor\ed paine has the story >> nancy pelosi, which mcconnell, and john boe hner have four days to reach agreement or spending cuts would take effect. >> both sides are involved in a high-stakes political blame game. >> we are here in washington working. the members of house of represented or out watching movies, and watching the kids play soccer, basketball, and doing all kinds of things. they should be here. >> i told president i will be happy to look at what ever he proposes. a hard deadline. as i said this is the conversation we should of had to go. >> democrats want to extend the bush era tax cuts to everyone except those americans making $250,000 or more per year. republicans remain against any tax increases. >> most americans just wasn't begun. >> people are tired. >> islamic not reach a deal by january 1st many economists are concerned it could lead to another recession. >> ibm ed paine reporting. >>
and the republicans to do a deal with obama. the simple reason, tom, obama will not agree to any significant spending cut. so why give him any kind of a grand bargain that the press will give him credit for and he can end the year as some kind of victorious guy? if you look at the u.s. deficit is about $4 trillion a year. these tax increases cover about 400 billion. that's 9 or 10%. that's. it the rest of this battle is over entitlements. i mean the democrats could solve this whole thing simply by agreeing to a minor increase, just a two year increase. >> the president did put that on the table and the republicans reject that. the real issue here is there going to be a self-inflicted wound to the economy? the uncertainty here. either way taxes on the wealthy are going up. they'll go up under a deal approved in the last hours which may or may not happen or if it doesn't, there's no deal, then we go over the so-called cliff and the tax goes up there. so either way taxes are going up. >> if the president wanted a deal on entitlements, all he has to do is raise the age from social security to 65 to 67, m
increases. 36% say that obama is more to blame for not agreeing to more spending cuts and 15% blame both sides. joining us now from new york, julie riganski, a democratic strategist and here in washington, steven moore, a member of the "wall street journal" editorial board. sesteven, let's start with you. great to hear harry reid on this. the last time i checked the do so called proposal that a he put forth in july didn't really receive any support and only dealt with tax increases. it wasn't a comprehensive deal and didn't involve real spending cuts it was just raise tax and it went no where. for him to blame republicans, come on. >> don't forget, it has been 13 hyundais since hair arery reid even passed a budget out of the united states senate. we don't even know what the united states senators stand for in terms of the budget debate. the same thing on taxes. the house actually passed a lot of people don't know that earlier this year the house passed a bill to extend all of the bush era tax cuts for another year until resolve the issue. the senate again didn't act on that. the grave ya
's president obama's way of saying, look, vote on his basic proposal, the proposal that would extend middle-class tax cut, deal with spending cuts. it's a basic plan that the president is calling for. something similar has already passed so the white house feels confident that what the president is calling for could again pass through the senate and get through the house. in order for that to happen, richard, that would involve every single democrat in the house voting for it as well as about 30 republicans. so the question is could they actually get that many republicans to vote for this pack am that the president is calling for. but politically what he is doing is essentially saying this is the plan i'm putting forth, let's get it through the senate and if it fails, it will fail through the senate house, letting republicans own that failure. putting it in a box. president obama giving the lawmakers here two options. one, to come up with their own alternative proposal. of course, that's something senate majority leader harry reid will work on. if not, he'll say put my plan to basic up or d
were sitting in the oval office now, i know you spend time with president obama, what would you tell him are the lessons he should take from the movie on house of representatives he should conduct himself on a whole range of things over the next term? >> he's got to keep that connection closer with the public closer than it was in the first four years. lincoln had those characters coming into his office every morning. after a while people said you don't have time for these ordinary people. he said you're wrong, these are my public opinion baths. you get a sense of timing, a mastery of timing when you've got the sentiment of the country behind you. but the other lesson is not to be embarrassed about making deal. during the health care thing every deal got exposed and it looks like it's the terrible thing. it the end result that matter as long as nothing illegal happens in the meantime. >> you know, doris, you just referenced what for my money is one of the most powerful scenes in the movie "lincoln," daniel day lewis exhibiting great anger and indicating that he is clothed in immense
in washington this afternoon as the nation edges closer to the fiscal cliff. president obama and top congressional leaders will look for common ground to keep automatic tax increases and spending cuts from kicking in. they only have four days to reach an agreement or the u.s. economy will go over the so- called fiscal cliff. that's when automatic tax increases and spending cuts would take effect. reaching a deal before then what be easy. right now both sides are involved in a high-stakes political blame game. >> we in washington are working while the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president i would be happy to look at whatever he proposes but the truth is we're coming against a hard deadline here. i said this is a conversation we should have had months ago. >> former president george h. w. bush is still in intensive care at a hospital in houston with a stubborn fever. the family is, that he will be out of the i see you sound. the chief of staff said sup
we reach the fiscal cliff -- president obama is launching a last-ditch effort to avoid tax increases and spending caps set to take effect january. the president is set -- set to meet with house and senate majority leader's for the first time since november. this comes after the partisan bickering with democrats and republicans blaming each other for failing to reach a deal. this morning the nation is remembering retired general norman schwarzkopf, who died thursday of complications from pneumonia. he is known for leading allied forces in the 1991 gulf war walk caption during -- capturing the public imagination. >> norman schwarzkopf a little- known u.s. army general looking to retirement. then saddam hussein invaded kuwait and norman became a household name. he turned into the face of the u.s.-led counterattack called youoperation desert storm. >> let me put it this -- it will take as long as it takes for a iraqis to get out of kuwait and the united nations resolution to be enforced. >> the campaign culminated in a massive ground offensive, routing the iraqis in 100 hours. >> the nav
will be smaller than what president obama wanted, but will come separate from spending cuts, at least at the outset, and another set of negotiations after the new year, that will have spending cuts and taxes in it. it seems to me that that's a recipe for republicans to end up getting a lot more in taxes than they would have got in all with an up-front deal. are your colleagues worried about that at all, or are you? >> first of all, you're enlightening me on something i'm not aware of. that was not the conversation i had with my colleagues across the aisle and that wasn't the conversation i had with the minority leader. so you have information that i don't have. look, you can't solve the problem with taxes. you have to do both. this country is in trouble, fiscally and financially as well as ratings. and if weap don't do something significant, we'll see another rating cut. and there'll come a time when the interest costs, we cannot afford. so the question comes is, what is the best thing we can do now, given the political dynamics that are in washington that actually make some differenc
for a possible plan on taxes and spending. president obama was on "meet the press of" today saying the pressure is on congress to make a deal. he was optimistic, but he said that they cannot come to an agreement, he wants the senate majority leader to introduce legislation to make sure middle class taxes stay where they are. live coverage of the senate on c-span2 when the gavel in. the house out to woodcock with the boats as early as 6:00 looking at a number of legislation from veterans to foreign aid. you can watch the house live here on c-span. >> republican olympia snowe from maine is also retiring at the end of the 112th congress after three terms. next, her farewell address. it is about 35 minutes. >> i rise today with an infinite appreciation for the institution of the united states senate as well as a profound sense of gratitude. as i prepared to conclude my 18 years in the senate and my nearly 40 years in elected office on behalf of the people of maine. madam president, it has been difficult to envision the day when i would be saying farewell to the senate. just as it was impossible to
? ♪ ♪ na na na na na na na na ♪ and everybody go uh! >>> we told you last hour president obama is spending his last few hours in hawaii before returng early to washington. he's expected to arrive tomorrow, just five days ahead of the fiscal cliff, which includes an across the board tax hike that congress has tried but failed to undo. cnn's dana bash is with us from washington, our senior congressional correspondent. we spoke last hour. you told us that hour speaker john boehner was to convene this conference call to decide whether or not to call the house back into session. we know the senate is supposed to convene, but nothing can, of course, take place until the house is in session as well. do we know the results of that conference call? will boehner reconvene the house? >> reporter: i'm told by a source familiar with the call, which just happened within last hour, as you said, that no decision was made on the schedule or timing for the house. as we talked about an hour ago, the leaders in the house have promised the members that they won't be called back without 48 hours notice. so at t
will be spending the new year in a hospital. doctors discovered a blood clot after suffering from a concussion earlier this month. just released gallup poll, most admired woman. president obama is the most admired man. >>> congress will spend part of the new year in session, trying to come up with a deal that will prevent the nation from going over the fiscal cliff. >>> the american academy of pediatrics has released a new statement encouraging elementary schools to let kids have their play time. recess gives children the opportunity to develop skills that can't be taught in the classroom, that it should not serve as a substitute for phys. ed. class. fond farewell 75 watt incandescent light bulb. under law, they can no longer be produced or imported as of january 1st though retailers can clear their remaining stocks. government will turn out the lights on traditional 60 and 40-watt bulbs in 2014. >>> it's what everyone is talking about, i think. reality tv star kim kardashian and rapper kanye west are expecting their first child. west made the announcement last night at a concert in atlantic c
for nearly every american. dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us. >> we'll start with a brief check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the overseas markets, the u.k. is closed today for boxing day as are some of the former brish colonies. in europe the dax down about there a
: top congressional leaders met with president obama at the white house, trying to avoid the automatic tax hikes and spending cuts set to kick in january 1st. the president called the meeting constructive, but reminded lawmakers there's not much time left. >> we're now at the point where in just four days every americans' tax rates are scheduled to go up by law. >>reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> we're going to do the best we can for the congresses we have and for the country that's waiting for us to make a decision. >>reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases, but the income threshold is not yet clear. the president and senate leaders are expressing optimism that they'll get the job done, but the president has a backup plan just in case. >> if an agreement isn't reac
.2 trillion in federal spending cuts kick in. the payroll tax holiday enacted under president obama will expire. the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiations. what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate will get back network. when they do they won't have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic leader harry reid said he hoped to have an announcement in the morning when senate gets back network. where are they divided inspecifically divided at what salary taxes should increase but there was progress in terms of tax increases for the wealthiest of americans, also avoiding the inheritance tax increases and democrats say that they are grateful republicans have given up a demand for cuts to social security at least for now. now this progress has not come easy. democrats have accused repub
spending part of his christmas holiday visiting troops in hawaii, president obama to resume but the talks. congressional aides said the holiday did not bring much progress and form on the initiations have yet to be scheduled. the senate is to attend the session thursday. when the house will reconvene is still uncertain. >> we were talking about the debt ceiling and it came down the 12 hour, the final few minutes before the deadline to get a full-fledged a grim past. >> some economists fear the combination of budget cuts and higher taxes could trigger another recession, as consumers cut back on spending. others said the deadline is not as firm. congress could pass a temporary measure early in the new year doubled will back any changes. political analysts warn some consequences may be immediate. there may be a tremendous response from financial markets and the stock market. that would alarm everybody. stock prices are hearty dropping friday after a plan -- are already dropping after a plan. a poll shows nearly half of americans are doubtful the sides can settle their differences. >> taxes w
of 10 americans. potentially catastrophic spending cuts start kicking in. lawmakers spent much of the day behind closed doors plotting strategy. president obama blamed the impasse on republicans. >> the way they are behaving is there on the priority is making sure the tax breaks for the wealthiest americans are protected. >> on sunday, the president talked about his plan b. he wants the senate to vote on extending tax cuts to everyone but the rich. >> if the republicans baca, middle-class taxes will go a. >> a political showdown with only one certainty, tomorrow night's deadline. the president has a plan c, reversing the effects of the cliff on january 4 when the new congress is in town. >> if america does fall off the fiscal cliff, maryland would be hit hard. hundreds of millions of dollars and tens of thousands of jobs lost. sarah sampson continue our coverage. >> maryland has very strong ties to the federal government. lots of federal workers and businesses that rely on the federal workers. all of them are keeping a close eye on negotiations. according to a report earlier th
's kidding himself. >> heather: alexis, i'll let you respond to that. because when it comes to spending cuts, president obama says his own, his own words, quote, lays the groundwork for that in the future. the last big budget deal in the summer of 2011, it ended with precisely the same promise, which in turn ended in failure and the fiscal crisis facing the country today. why believe him this time? >> the ball is actually not in his court right now. the ball is in the senate and the house court to come up with a bill that he can sign. so he's trying to set a tone right now about what would be acceptable in the short-term. these long-term issues around entitlements are exactly that, they're long-term issues. to manufacture a decision deadline of 48 hours from now is kind of irresponsible because we're talking about systems that have been around for decades now that many americans depend on. we're talking about systems that are really earned benefits. they're not entitlements. we have paid money into. and we're -- >> we're down to the last minute because the president does not want to deal wit
to prevent massive spending cuts and tax hikes from kicking in january 1st. president obama appeared today on nbc's "meet the press" and said the cuts in spending need to be fairly distributed. >> what i'm not willing to do is to have the entire burden of deficit reduction rest on the shoulders of seniors making students pay a higher student loan rates, ruining our capacity to invest in things like basic research that help our economy grow. >> in news overseas the bodies of the dead are being carried away in syria today. at least 397 people were killed saturday. that is the deadliest day so far in the 21-month long civil war. another 52 died today. the joint u.n. arab league envoy said the situation is rapidly deteriorating but that a solution is still possible. >>> in massachusetts boston's mayor lifted a snow emergency a little earlier today. more than a foot of snow fell on several towns across that state overnight. crews are clearing tons of snow in the gillette stadium now preparing for the patriots/dolphins game this afternoon. >>> keep it here as the clock ticks to the fiscal cliff.
faces massive mandatory tax increases and federal spending cuts on january 1st. meanwhile one republican congressman says president obama wants america to go over that cliff >> it is unclear when the president will return from hawaii. staffers for both sides are expected to be communicating over the next few days >> egypt's leading opposition party says it plans to appeal the results of yesterday's constitutional referendum. preliminary results show the new constitution passed with 64- percent of the vote. but opponents say it limits their rights -- and is not legitimate because the voting procedure didn't follow guidelines. parliamentary elections are scheduled in two months -- and the opposition hopes to present a united front by then. some 68-percent of egyptians did not vote in the referendum. >> former president george h. w. bush is showing signs of recovery but may not be home to celebrate christmas with his family. he has been hospitalized since november with a brown tide is related cough. in a statement from hospital his doctors are optimistic he will make a full recovery. how
decisions on taxes and spending to the future. again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to avoid paying the alternative minimum tax. an increase in the debt ceiling is not part ofhe discussion. that is significant development r house republicans who won any increase in the borrowing limit it accompanied by an equal amount in spending cuts taking the debt ceiling of the table making it much easier for the scaled-down version to be negotiated. from here senate leaders will try to secure an agreement by sunday morning. if so, democrats and republicans will try to sell its house and senate members. if they can do that the voting begins. there is so
and spending cuts. the latest on what we can expect from today's efforts. >> the key players will give it one last shot. president obama and congressional leaders will meet this afternoon at the white house in a last-ditch effort to avoid a self-inflicted fiscal calamity. this is the first meeting between the power plays in six weeks. if they can't work out some kind of agreement automatic tax hikes and spending cuts will go into affected new year's day, which will impact most americans and will put the nation back into recession. >> we are coming up against a hard deadline. >> at today's meeting, president obama will push for a stop gap measure, a small deal that will at least prevent tax increases for those earning $250,000 or less. but even that seems unlikely. >> the american people have a right to be very upset with this congress. >> publicly, both sides have ratcheted up rhetoric, pointing the finger. >> john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> the only reason why democrats have been trying to defect -- deflect a
zimmerman. president obama continues his secret drone wars. we spend the hour looking back at the moment and movements that shaped 2012. >> democratic congresswoman gabrielle giffords has announced she will step down this week. she was shot in the head last year in a shooting spree that left six people dead in tucson. >> thank you for your prayers and for giving me the time to recover. i have more work to do on my recovery, so i will do what is best for arizona. i will step down this week. >> iraqis are voicing outrage over the sentencing of the last marines charged in the 2005 massacre of 25 civilians. on tuesday, frank woodrich received no jail time. >> i was expecting the american courts would sentence the person to life in prison. he should appear and confessed to the world that he committed these crimes so that america could show itself as democratic and fair. >> in a dramatic scene yesterday on capitol hill, several democrats walked out of congressional hearings on the contraception rule. carol maloney of new york criticized the panel at the hearing, which was exclusively male. >>
have to deal with spending. we live in an america where the federal government now is spending 25% of our gross domestic product. when you study the obama budget that would increase to 32%. that's where the problem has to i am emanate from. the spending side of our budget is 62% of what we spend money on. it's not just about defense or discretionary. >> is there any indication the president's deal, that he may come back with, will address spending? i haven't heard substantial spending cuts out of any deals on the left. >> absolutely you are not hearing that whatsoever. when i listen to senator chuck schumer say the president ran on raising taxes and says he won, we should do that, i have to tell you i'm not such and idiotic person to follow someone off into the abyss. this is a political gimmick the president ran on. he did win the election but when you look at the house, the republicans maintain their majority there and that's where revenue bills emanate from. >> we have to leave it there. always great to have you. >> happy new year. >> you too. amid all this fighting in washingt
we're set to hit the debt ceiling new year's eve, the max amount we're allowed to spend. the current limit is $16.4 trillion. he says the obama administration will work to make sure the u.s. does not default on loans right away but the debate will be another drag on the economy. with us, the chief business correspondent for u.s. news and world report, rick newman, and author of rebounders, how winners pivot from setback to success. talk about the debt ceiling for us, first of all, welcome. talk about the debt ceiling and how it affects us. we here horror scenarios about the red -- credit rating. >> one good thing you can say about reaching the debt limit is it's not a surprise. everybody has known this is coming up. the government will continue to function for a couple more months. emergency measures will be used to keep the money flowing, so to speak. this is unrelated to the fiscal cliff, so it's an additional problem that everybody has to deal with. of course the worst thing is we know how horrible it was the last time the debt ceiling needed to be raised in the summer of 2011, it
-- others want to see government spending put in check. >> the president is doing nothing about the addiction that his administration, he is the spender in chief. >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so we would have $2 cuts for every $1 of increased revenue. >> senate is in recess. >> reporter: the senate reconvenes at 11 a.m. so as americans celebrate the beginning of 2013 they may wake up wishing it was 2012 when they had more money in their pockets. andrew spencer reporting. >> the midnight deadline is 9:00 our time. if the deadline passes there could still be wiggle room if the president and lawmakers appear to be working towards an agreement. the tax hikes and spending cuts could be held at bay for a few weeks, they could be repealed retroactively once a deal is reached. and you can keep tabs on the fiscal talks anytime by logging on to our website, cbssf.com. >>> there is some hope. congressional leaders showed yesterday they are able to compromise at least on a few things. top republi
cliff. president obama and congress are on christmas vacation. it will be thursday before talks resume to try and prevent automatic tax hikes and spending cuts from taking effect january first. andrew spencer has the latest. analysts say many shoppers haven't been in the holiday spirit when it comes to spending money. the four-day black friday weekend that started on thanksgiving was strong. sales rose 2-point-7 percent. but analysts says sales fell 4-point-3 percent for the week ending december 15th. and last week they forecasted holiday spending to decrease another 2-point- 5 percent. previous expectations were for a 3-point-3 percent increase in spending. the saint anthony foundation needs help to reach its goal of collecting 5-hundred hams during the 25th annual curbside donation drive. according to the foundation, they collected a hundred hams. that's just 20-percent of their goal. the foundation hoped to get another 400 hams sunday and today. if you would like to donate a ham you can do so at the drive. located in front of saint anthony's in san francisco's tenderloin area. from
in washington this afternoon as a nation as close to the cliff. >> president obama top congressional leaders will look for common ground to get automatic tax increases and spending cuts from kicking in. >> their only four days to reach an agreement or you as a common goal of the so- called fiscal cliff we are here in washington working all the members of the house of rand representatives are all watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here until the president i would be happy to look at whatever he proposes but the truth is we are coming up against a hard deadline and as i said this to the conversation we should add months ago. >> democrats want to extend the bush era tax cuts to everyone except those americans making $250,000 or more year. >> many republicans are made against any tax increases. >> russian president of vladimir putin aside a bill banning americans from adopting russian children. >> the law also blocked dozens of russian children or currently in the adoption process by american families from leaving the co
officials. secretary lahood if you could thank president obama from all of us. yes. [applause] because i know today we're going to spend a lot of precious moments thanking leader pelosi and congress women fine 79 and boxer and. >> >> we're going to thank all of our community members and from china town and all of them have worked very hard. these are not easy projects. they're very complicated and people had to work at the highest levels to make sure that every aspect worked, and a person who has worked tirelessly for 20 years and we join in celebrating 25 years of being in our congress and sought at every stage to make sure these funds were projected, to make sure we're doing our part, that congress is doing their part, all of the federal agencies, the person that first called me to share the news we're out of the white house and into the congress and wait our magical 60 to 90 days and lees give a warm welcome leader nancy pelosi. [applause] >> who is also keeping track on the giants. >> you know mr. mayor i always listen attentively to every world you say but i know you want me to sa
, president obama will press congress to vote on a plan c, one keeping tax cuts in place for most americans. in washington, mike emmanuel, fox news. >> when it comes to the spending cuts, critics are more concerned. they will be cut by $50 million what will be cut is undetermined. >> it's going to affect the operational force that is deployed in terms of its ability to maintain its equipment and to get repair parts and that forces on force is deployed around the world. not just in afghanistan but being reduced. it would impact the training of the force. >> whatever happens, citizens won't so any trouble if congress doesn't act by the new year. they have a few days to act. >>> fair cocks county police made an arrest. the 22-year-old is facing murder charges for stabbing 19- year-old xavier stringfellow to death. the bloody was -- the body was found in the car. the police say the two men didn't know each other before meeting up. >> and what happened or why. you have to look at all the possibilities. >> there was some sort of stroll struggle when the victim got killed and believe the suspect m
and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it is a complete nightmare. [ laughter ] ashley: time now for stocks now as we do every 15 minutes. we are up 51 points. not too bad on this last trading day of the year. >> that is right. the dow has been pretty flat. going back and forth between the red and green. the nasdaq is up 30. same goes for the s&p stock of about nine points. we are also watching a settlement between u.s. regulators and about a dozen banks. sources tell the "new york times" that 14 banks include tank of america, wells fargo and jpmorgan chase. we are taking a look at those stocks. back to you. ashley: diane, thank you very much. well, the question is, is the unthinkab
. the fiscal cliff fiasco. the obama plan, to the speakersi boehner plan, it will either o alter the rising rate of spending were less than the science of our bloated government. the answer in tonight "chalk talk" is coming up next you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. your soups are so awesomely delicious my husband and i can't stop eating 'em! what's...that... on your head? can curlers! tomato basil, tato with bacon... we've got a lot of empty cans. [ male announcer ] progresso. you gotta taste this soup. lou: you know, everybody's getting pretty excited about that fiscal cliff negotiation or impasse, however you want to3 style it. mayi want t showu, lou: everybody is getting re ofed about the fiscal clifft, negotiation. i thought i would show you what thuld happen if we change into the speaker boehner plan, the president obama plan, let's start out with the do-nothing p
. will there be a deal or will the $500 billion in spending cuts and tax hikes actually kick in? right now, negotiations going on behind closed doors. this while president obama has joined leaders in it both parties to make the case to the american people by appearing on the morning public affairs programs this morning. both sides pitching their proposals. but at this late point, some say any chance that congress has of averting the fiscal cliff will take serious late night legislative wrangling. good morning. i'm eric shawn. i'm heather childers in for jamie colby. without a deal the countdown to 2013 also a countdown to smaller pay checks for nearly all americans as the fiscal cliff tax hikes are set to take a bigger bite and the military facing serious cutbacks along with other federal programs that millions of americans count on. >> ed henry live at the white house with the latest on the negotiations. ed, we are really getting down to the wire. what did the president say this morning and will that make a difference? >> good morning, eric. part of what he was doing was putting the onus on republicans
and automatic spending cuts take effect. it may take up president obama's bare bones stopgap measure. that plan would block tax hikes for those earning $250,000. it would extend unemployment benefits to 2 million americans and put off spending cuts until the new year brings a new congress. our expert on all matters relating to the fiscal cliff is dana bash. she joins me now from washington. dana, great to see you again. tell me does even a band-aid approach work? >> it's going to be tough. this is all math. but it really has to do with the math with regard to votes. and democrats especially who i'm talking to in the senate which is probably where this will originate, the reality is that democrats don't hold a very big majority. her going to need to have a handful of republicans to cross party lines and vote with them on the whole concept of raising any taxes. especially what the president wants which is something that is raising taxes on all americans making more than $250,000. that's the senate. never mind the house, which of course, made clear to the house speaker that they won't even go for
now!," democracynow.org, the war and peace report. i'm amy goodman. president obama is set to meet with congressional leaders at the white house just three days before a year in deadline to avoid the so-called fiscal cliff. some $600 billion in automatic spending cuts and tax increases will take effect if no agreement is reached. obama and the rest of republicans remain of the impasse over the republican refusal to allow tax hikes even for the wealthiest americans. senate majority leader on thursday accused house speaker john boehner of holding up a deal. >> the american people i don't think understand the house representative is operating without the house of representatives. it is being operated with a dictatorship of the speaker, not allowing the vast majority of the house representatives to get what they want. >> adding to the urgency surrounding the talks, treasury secretary timothy geithner warned this week the u.s. will not be able to pay its creditors after monday unless the debt ceiling is raised. we will have more on the fiscal cliff talks, speaking with congressmember de
going over that fiscal cliff. only four days to go when big tax hikes and spending cuts are scheduled to kick in. president obama came back to d.c. today. he is calling congressional leaders to the white house tomorrow. the senate was insession today but offered no new solutions. the house is still out on vaca, but they've been called back. today was pretty much blame game thursday. gary nurenberg is here with that. >> derek, the harshest words came from senate majority leader harry reid when he accused house speaker john boehner of both running a dictatorship, and then of being unable to control his caucus. bottom line with four days left -- >> i don't know, timewise, how it can happen now. >> the senate democratic leader blames republican house speaker john boehner ?ea.'s waiting until january 3rd to get re- elected as speaker before he gets serious. >> of boehner's house, reid said -- >> it's being operated with a dictatorship of the speaker. >> the house remains on vacation. >> we're not working. every democrat, every republican ought to be here. >> president obama returned to d.c
that the rich pay more taxes. obama insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >> reporter: if sunday's negotiations don't pan out, the president says he is ready to propose his own scaled down bill that would block tax increases on all but the wealthy and preserve expiring unemployment benefits. with the deficit ticking ever higher, patience is wearing thin. >> for those of us that invest in the stock market it's disgusting to watch them jockey around with our money, because it gets affected every day. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 trillion in mandatory spending cuts scheduled to go into effect on tuesday. the u.s. will also hit its borrowing limit on monday make it difficult for the government to pay its bills. >>> meanwhile, an elderly woman is cammed fast moving fire that left two others hurt. tonight fire investigators say the woman may have gone back in the burning town house to warn the others. the fire swept th
the president. the decision was made at the polls in november. obama has the upper hand and he wants all taxes to go up so he can spend and run this country in the ground. but gary points out, the president wants more taxes only on the well to do. so taxing the rich will not get all some may want but that does not mean they should not pay what they ought to pay, and that is what they paid in 1999. okay then, okay now. you want to pay down the national debt? put everyone to work. that was doing it 15 years ago, and that can do it now. >>> that is our broadcast for tonight. we'll hope you will be around for our broadcast at 1 1:00. i will be here with erica. we'll see you then. have a great evening. bye-bye. >>> from cheating to fist fighting to a drug overdose, the biggest celebrity scandals of 2012. >>> lindsay lohan's arrest. are you afraid your daughter's going to go back to jail? >> dena's appearance with dr. phil. >> in your little shoes. >>> demi moore's wild dancing and the frantic calls to 911. >> she's convulsing. >>> "twilight's" kristen stewart caught cheating on r-pat. >>> plus a "t
a series with towson. he wanted to spend time with family around the holidays, his family being the first lady michelle obama. last year they got the win and celebrated the new year. the decision that the beavers may now regret. tonight, they went down 19 in the second half. the beavers, a chance after chance after chance. make no good of it. we go to overtime. the tigers up 2. starks, goodness, that is a tough shot. towson has an answer. shot fake. bowler! drills the jumper. beavers, one less chance. they score. a foul on oregon. offensive pass interference, no bucket. the tigers won. oregon state with wins over alabama in kansas, falls to the tigers. towson the biggest victory in school history. maryland today trying to avoid of similar fate. home to delaware state. seeking the 11th consecutive win. a mismatch for anyone. sluggish starat. taj tate. the terps will get going. howard, a really good point guard. inside to len. he was a lot taller than the other guys. howard to wells. rise and shine. terps 79-50. one more tuneup before conference play begins january 5 against virginia tech.
obama said he would have preferred a grand bargain that solved all of washington's revenue and spending problems. >> with this congress that was obviously a little too much to hope for at this time. it may be -- and maybe we can do it in stages. >> negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking point now is spending. the president suggested lawmakers take action on deficit reduction in the next few months and that more tax revenue could be involved in those discussions, but republicans are furious at that possibility. >> i'm willing to support revenues to deal with this problem. the overall problem. but what i will not agree to is using revenues to replace spending reductions. >> reporter: even if the senate approves the deal by midnight, the house still has to pass the measure before the president can sign it into law. randall pinkston, cbs news, washington. >> that process could take a couple of days but lawmakers say it could be made retroacti
unemployment benefits for one year. president obama said he would have preferred a grand bargain that solves all of washington's revenue and spending problems. >> with this congress, that was obviously a little too much to hope for at this time. it may be we can do it in stages. >> reporter: negotiations have been going on all day, lawmakers and aids moving back and forth between meeting rooms on what is normally a quiet new year's eve. the major sticking point now is spending. the president suggested lawmakers take action on deficit reduction in the next few months and that more tax revenue could be involved in those discussions. but republicans are furious at that possibility. >> i'm willing to support revenue to deal with this problem. the overall problem. but what i will not agree to is using revenue to replace spending reductions. >> reporter: even if the senate frawfs deal by midnight the house still has to pass the measure before the president can sign into it law. randall pinkston, cbs news, washington. >> even if it takes a few days to finish lawmakers say the cuts will be made retr
and signed by president obama. the idea being to make it so painful not to cut a deal on taxes and spending that they would be forced to cut a deal on taxes and spending. except keeping them honest, they haven't done it. even though they knew the stakes, they knew the deadline, and both sides promised that this time things would be different. >> we need to return to fiscal responsibility. >> how is it that we're going to be able to do that? getting our fiscal house in order. >> the american people have spoken loudly. they want us to get our fiscal house in order. >> fiscal handcuffs on this congress that are sorely needed. >> washington is beginning to get its fiscal house in order. >> so they approve legislation that gave everyone nearly a year and a half to reach a long-term agreement on spending and taxes or face truly punishing consequences if they didn't. you'll remember at the time this was a really big deal. republicans had forced the issue by refusing to raise the debt ceiling without budget cuts. markets went haywire. gabby giffords even returned to washington from rehab from her a
sell for republicans who say the country has a spending problem, not a revenue problem. president obama is hoping the midnight deadline puts pressure on them. >> date appears that an agreement to prevent this new year's tax hike is within sight. but it's not done. there are still issues left to resolve. but we are hopeful that congress can get it done. but it's not done. so part of the reason that it wanted to speak to all of you today is to make sure that we emphasize to congress that members of both parties understand that all across america this is a pressing concern on people's minds. >> reporter: conventional wisdom is there may not be any great harm going a few days into the new year without an agreement as long as the markets don't tank. arthel: a couple key developments in the last 10 minute including reports there are no spending cuts in this deal. wendall just touched on that. the president saying any future debt deals will have to include more tax increases. guy, what do you make of the president's remarks? >> i'm trying to figure out what the point was. i know the president
than $100 billion in required spending cuts would also kick in if there's no deal. at the white house, major garrett says the obama administration is getting ready for those across the board cuts. major, what exactly is the white house doing to prepare? >> reporter: good morning, norah and anthony. the obama administration is in the final stages of delivering layoff notices it will deliver to federal agencies across the government, this to comply with across the board spending cuts 6% to 7% that are required in the so-called fiscal cliff. agencies will decide which employees to lay off and when. as part of these preparations, the administration also has notices it will soon deliver to delay or cancel federal government contracts. as for negotiations themselves it is a bit of a team effort here at the white house. president obama is dealing directly and spoke frequently sunday with the senate majority leader harry reid while vice president joe biden spoke frequently sunday with republican leader in the senate mitch mcconnell. mcconnell and biden get along much
people decide it's important. and so this is not going to be simply a matter of me spending political capital. >> president obama on "meet the press" over the weekend. in the wake of the newtown, connecticut school shootings. the president insisted he wants new gun control legislation passed in the next year. he put vice president biden in charge of that task force to make recommendations to him. democratic congressman john yarmouth of kentucky joins us now and he sits on the budget oversight and government reform and ethics committees. good to see you. >> good to be with you. >> what is your thought on what the president said on "meet the press?" >> i think he is absolutely right. what sets this apart, however, is that we do have presidential leadership on this issue. that is something that hasn't been there during past attempts to do something to curb gun violence. i am thrilled about that. i agree with him totally. i've said many times the public has to keep the drum beat going because unless there is a perceived cost to many of the politicians up here not much is likely to happen.
obama insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >> reporter: if sunday's negotiations don't pan out, the president said he's ready to propose his own scaled-back bill that would block tax increases for all but the wealthy. and preserve expiring unemployment benefits. with the deficit ticking ever higher, patience is wearing thin. >> for those of us who invest in the stock market, it's disgusting to watch them jockey around with our money. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 trillion of mandatory spending cuts scheduled to go into affect today. tara mergener for cbs news, washington. >>> former president george h.w. bush is 88 years old and sent to the hospital last month in houston. he was moved into intensive care december 23rd after developing a fever. doctors say he was -- his condition is improving and he was moved to a regular room yesterday and is in good spirits. >>> looks like plastic shopping bags might be a relic
revenues, in other words democrat tax increases be used for new spending. >>> on meet the press president obama accused republicans of protecting the wealthiest americans from tax hikes. >> reporter: the president has asked his plan, which includes tax hikes, to be given an up or down vote. >>> i'm watching your money. asian stock markets mostly closed or traded lower today on diminished hopes u.s. lawmakers can come to an agreement on the fiscal cliff. wall street has a full trading day today. checking the numbers for you the dow starts this morning at 12938. that's right below 13,000 after selling off 158 points on friday. of course over concerns about the fiscal cliff. the nasdaq lost more than 25 points and the s & p 500 was off by around 16 points. >>> real estate in ocean city is moving off the market at a very brisk pace right now. numbers from the coastal association of realtors shows a 25% reduction in the inventory of unsold condos in ocean city. that includes multi-million dollar properties. the data show contracts are up 14% year to date with settlements up 6%. inventory incre
the government spending cuts would still happen. president obama blamed republicans. >> we don't see an agreement and now the pressure is on congress to produce. >> the president talked about making social security cuts a nonstarter for many of his fellow democrats. and they now appear to be off the table. just about any deal congress and the president come up with now will drive deficits even higher. >> reporter: and the other thing we'll be watching closely, the markets. on friday the dow was down 160 points. if you look at the last five days of trading excluding christmas, five down days in a row. skidish investors are keeping close eye on congress to see if they can come up with anything. back to you guys. >> all right. thank you very much. checking some of our other top stories secretary of state hillary clinton remains in a new york city hospital after doctors discovered a blood clot stemming from a concussion she had. she is being treated with medication and will most likely stay in the hospital for the next 48 hours. the clot was discovered yesterday during a follow up appointment. >>> fo
, the vatican. >>> president obama is in hawaii for christmas. the president is expected to spend a quiet day with his family. with the president and congress on a short holiday break, there's been no movement on fiscal cliff negotiations. before he left washington, the president said he believes a deal could be made before the december 31 deadline. >>> u.s. troops celebrated their 12th consecutive christmas in afghanistan. service men and women attended a service at the nato base in kabul, sang some carols, then enjoyed a holiday dinner. >>> and coming up on the "morning news," he may be messy funny, jack klugman from "the odd couple "has died. a look back at his remarkable career. [ female announcer ] introducing u the latest coffee machine from nespresso. modular. intuitive. combines espresso and fresh milk. the new u. nespresso. what else? available at these fine retailers. >>> firefighters in california battled a raging river yesterday to rescue a homeless man. he was living on an island in the los angeles river and got into trouble after a fast-moving storm tore through the area. rescue
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